Starting Again

Lexxi

Hi,

I've moved out from my husband and it looks like it will be a pretty permament split. I'm not sure how to do a budget, my mortgage is on holiday at the moment (it is in credit) so I have an extra £250 but I don't know what the other bills will cost, should I guess? He's not working full time at the moment so doesn't know what he will get paid but he's also trying to claim benefits, I don't want him to struggle but I don't want to put myself in difficulties bank rolling him.

One of my credit cards has been frozen so should I put the £250 into that? I do want to get these debts cleared once and for all.

I'd be grateful for any help

meow5678

Didn't want to read and run... I'm sure someone will be along soon with lots of helpful wisdom.

Wishing you all the best. M

walker123

Think the first step is probably an SOA?

Lexxi

Thanks for your replies. I'm not entirely sure of the bills. I have somewhere to live but I've also spent a lot of time at my parents so the gas and elec are quite low, should I just estimate what I was paying before? I owe some money from living with my OH but I'm just waiting for final bills.
Also, the house we were renting is in joint names and the deposit is in my name. I don't know what to do about these, I don't want to be chased for any arrears but I don't think they'll take my name off the house. Also if he just disappears and doesn't give notice I don't want the landlord to have to go through the courts.

doobiesis_2

How can your mortgage be on hold at the moment and in credit if you rented a house?

It costs less in bills also as you'll be living alone, I've noticed my bills have almost halved since my daughter moved out.

Lexxi

The mortgaged house was rented out and I was able to make overpayments. We worked away then when we came back to the area we rented somewhere as there was still someone living in the house, when it became empty it needed a lot of work so we couldn't re-let it straight away. Then it was easier for me to move back here.

I think I have a better idea of what my payments will be now. I'm not sure the debt is fully manageable or what to do next.

Lexxi

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1004
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1004
Monthly Expense Details
Mortgage................................ 292
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 16.73
Telephone (land line)................... 0
Mobile phone............................ 21.49
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 37.9
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 58
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 16.99
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Bank account............................ 9.5
Medical................................. 110
Total monthly expenses.................. 942.23

Assets
Cash.................................... 700
House value (Gross)..................... 80000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 80700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(292)......1.49
Total secured & HP debts...... 50000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................6323......20........0
MBNA...........................1423......25........0
MBNA...........................891.......0.........0
Gas............................150.......0.........0
Elec...........................78........0.........0
Council tax....................200.......5.........0
Total unsecured debts..........9065......50........-

Monthly Budget Summary
Total monthly income.................... 1,004
Expenses (including HP & secured debts). 942.23
Available for debt repayments........... 61.77
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 11.77
Personal Balance Sheet Summary
Total assets (things you own)........... 80,700
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -9,065
Net Assets.............................. 21,635
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I think I'm going to be paying the car insurance for the next month or so, just while my husband gets things sorted.

I have started a spending dary today with it being the start of the month.

I tried to get my mobile phone down, they dropped it from £20 to £14.99 but charged me VAT so it was £18.49 then put their prices up so it's now useless as it's costing me more for less minutes!

I have overestimated gas, elec and food, I think. I have put something in for the pescriptions, entertainment etc and was thinking of setting up a standing order for a seperate account for these ones?

I don't have the exact debt amounts to hand. Barclaycard said they had frozen the interest but have still tried taking the full payment so it hasn't gone out. I spoke to MBNA who told me to transfer my balance to them from another card then was told by someone else it was the wrong thing to do, so this has gone to their complaints department but the larger balance is 0%